上正恒泰法律意见书 河南中孚实业股份有限公司 上海上正恒泰律师事务所 关于河南中孚实业股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十二月·巩义 本所同意,公司可以将本法律意见书作为本次股东会公告的法定文件,随其 他公告文件一并提交上海证券交易所予以审核公告。 本所律师根据《股东会规则》第六条的要求,按照律师行业公认的业务标准、 道德规范和勤勉尽责精神,对本次股东会的召集、召开程序、出席会议人员的资 格、会议表决程序和表决结果等有关事项及公司提供的相关文件,进行核查和验 证,并出席本次股东会。现出具法律意见如下: 一、公司本次股东会的召集、召开程序 (一)本次股东会的召集程序 上正恒泰法律意见书 河南中孚实业股份有限公司 上海上正恒泰律师事务所 关于河南中孚实业股份有限公司 2025 年第三次临时股东会的法律意见书 致:河南中孚实业股份有限公司 上海上正恒泰律师事务所(以下简称"本所")接受河南中孚实业股份有限公 司(以下简称"公司")的聘请,指派本所程晓鸣律师、田云律师(以下简称"本所 律师")出席了公司 2025年第三次临时股东会(以下简称"本次股东会"),并依 据《中华人民共和国公 ...

河南中孚实业股份有限公司 证券代码：600595 证券简称：中孚实业 公告编号：2025-072 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 5 日 (二) 股东会召开的地点：公司会议室 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 591 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,306,371,973 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 32.5948 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 公司董事长马文超先生主持本次会议。本次股东会采取现场投票和网络投票 相结合的表决方式，符合《中华人民共和国公司法》《中华人民共和国证券法》 等法律、法规和规范性文件 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal industry index is experiencing a strong upward trend, driven by rising prices of industrial metals like copper and aluminum, with expectations of sustained price increases in the long term [1] - As of December 5, 2025, the non-ferrous metal industry index (399395) rose by 1.10%, with notable increases in stocks such as Zhongfu Industrial (600595) up 8.21%, Nanshan Aluminum (600219) up 6.72%, and Shenhuo Co. (000933) up 4.42% [1] - The non-ferrous ETF fund (159880) also saw an increase of 0.79%, marking its third consecutive rise, with the latest price reported at 1.79 yuan [1] Group 2 - Factors such as the demand from new energy vehicles, data centers, and the renewal of power grids in Europe and the US are expected to significantly increase the demand for copper and aluminum [1] - The top ten weighted stocks in the non-ferrous metal industry index as of November 28, 2025, include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [2] - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which reflects the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges [1]

（文章来源：每日经济新闻） 每经AI快讯，12月5日，超导指数盘中上涨2.01%，成分股表现活跃，宝胜股份涨停，中孚实业触及涨 停，永鼎股份上涨4.63%，西部材料上涨4.40%，特变电工上涨1.81%。 ...

遇建大宗：铝的坦途 20251204 摘要 2025 年铝价已突破 22,000 元/吨，虽未达历史高点 25,000 元/吨，但 明年市场供需平衡，利好铝价逐步上行，对权益端友好。关注 4 月后虹 桥、华通线缆和中孚实业等阶段性脉冲表现。 预计 2026 年铝土矿 CIF 到岸价降至 60-65 美元/吨，因几内亚和塞拉利 昂产量增加。氧化铝市场过剩，期货价格已跌破 2,600 元/吨，预计明年 均价降至 2,800 元/吨，选股逻辑应倾向于氧化铝买入方。 中国电解铝产能接近极限，运行产能达 4,450 万吨。欧美及印尼等发展 中国家的电解铝供应值得关注，以评估全球供需平衡对价格的影响。技 术改造带来的超产对设备有潜在损害，政策执行力度影响供应。 美国对铝征收 50%关税，保护本土电解铝价格，使其免受 AI 抢占资源 的影响。欧洲电解铝厂规模小且设备老旧，面临被 AI 挤出市场的风险， 可能关停 330 万吨产能，对全球供应产生重大影响。 海外电解铝项目投产速度差异大，信发与青山合作模式速度快但不具普 适性。预计 2026-2028 年全球电解铝增速在 2.4%-3.5%之间，需关注 海外项目工期缩减的不确 ...

Core Insights - COMEX gold, silver, and copper prices experienced a decline, while aluminum prices rose over 3%, indicating strong performance in aluminum-related stocks [1] - As of the end of November, COMEX gold has appreciated over 52% this year, but the volatility has increased significantly, leading to a widening divergence in market sentiment [1] - Central bank activities regarding gold purchases or sales are identified as the primary explanatory variable for current gold prices, with recent sales by the Philippine and Russian central banks raising concerns about overvaluation [1] Group 1 - COMEX gold prices have seen a significant increase of over 52% year-to-date as of November [1] - The volatility in gold prices has intensified, with a notable increase in market divergence [1] - Central banks' gold purchasing and selling activities are crucial factors influencing gold price movements, with recent sales by the Philippine and Russian central banks indicating potential overvaluation [1] Group 2 - The outlook for central bank gold purchases and increased investment demand is expected to support higher precious metal prices in the medium to long term [2] - Short-term factors such as low inventory levels and potential demand release are likely to increase price elasticity, with silver recently reaching new highs [2] - Key resistance levels for London gold are identified at 4250 and 4400, with support at 4000 [2]

中孚实业 河南中孚实业股份有限公司 2025 年第三次临时股东会会议资料 二〇二五年十二月 1 目 录 | 一、关于公司及子公司 2026 年度向银行等机构申请综合授信额度的议案 | | 4 | | --- | --- | --- | | 二、关于公司及子公司 年度开展外汇衍生品交易的议案 | 2026 | 6 | | 三、关于选举公司第十一届董事会独立董事的议案 | | 9 | | 1：独立董事候选人简历 | 附件 | 10 | 2025 年第三次临时股东会会议议程 一、会议时间： 现场会议时间：2025年12月5日 15:00 网络投票时间：2025年12月5日，采用上海证券交易所网络投票系统，通过 交易系统投票平台的投票时间为股东会召开当日的交易时间段，即9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、现场会议地点：公司会议室 三、主 持 人：公司董事长 马文超先生 参会人员：公司股东和股东代表、董事、高级管理人员及见证律师 四、会议议程 （一）主持人宣布会议开始，介绍参会股东、股东代表人数和代表股份 数； ...

Market Overview - The industrial metal sector experienced a decline of 0.19% on November 26, with Yinbang Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Stock Performance - Notable gainers in the industrial metal sector included: - Luoping Zinc Electric (002114) with a closing price of 9.72, up 9.95% [1] - Huafeng Aluminum (601702) at 18.07, up 6.73% [1] - Mengmei New Materials (002988) at 38.52, up 4.16% [1] - Conversely, Yinbang Co., Ltd. (300337) saw a decline of 4.04%, closing at 9.97 [2] Trading Volume and Value - Luoping Zinc Electric had a trading volume of 93,000 shares, with a transaction value of 90.41 million yuan [1] - Huafeng Aluminum recorded a trading volume of 320,900 shares, with a transaction value of 576 million yuan [1] - The industrial metal sector saw a net outflow of 1.372 billion yuan from major funds, while retail investors contributed a net inflow of 884 million yuan [2] Fund Flow Analysis - Major funds showed a net inflow in: - Northern Copper (000737) with 14.4 million yuan [3] - Tongling Nonferrous Metals (000630) with 94.99 million yuan [3] - Major funds experienced a net outflow in: - Huafeng Aluminum (601702) with a net outflow of 32.38 million yuan [3] - Jiangxi Copper (600362) with a net outflow of 44.74 million yuan [3]

Core Viewpoint - The report highlights the growth of China's alumina production, indicating a significant increase in output and projecting future trends in the industry [1]. Industry Overview - As of September 2025, China's alumina production reached 8 million tons, reflecting a year-on-year growth of 8.7% [1]. - Cumulatively, from January to September 2025, the total alumina production in China was 68.56 million tons, with an overall increase of 8.4% compared to the previous year [1]. Companies Involved - Listed companies in the alumina sector include China Aluminum (601600), Tianshan Aluminum (002532), Nanshan Aluminum (600219), Yun Aluminum (000807), Shenhuo Co. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Hongchuang Holdings (002379), Minfa Aluminum (002578), and Ningbo Fubang (600768) [1]. Research and Analysis - The report titled "Analysis of Development Models and Future Prospects of China's Alumina Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1]. - Zhiyan Consulting has been dedicated to industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1].

Core Viewpoint - The investment by Zhongfu Industrial in the aluminum alloy wheel project highlights the growing demand for lightweight materials in the electric vehicle market, despite the financial challenges faced by its subsidiary [1][2][5]. Investment Details - Zhongfu Industrial's wholly-owned subsidiary, Guangyuan Linfeng Aluminum Materials, plans to invest CNY 259 million to construct a project for producing 3 million aluminum wheels [1][3]. - The project will be executed in two phases: the first phase involves producing 2 million wheels with an investment of CNY 94.6 million, while the second phase will produce 1 million wheels with an investment of CNY 47.4 million [3]. - Upon full production, the project is expected to generate an annual sales revenue of CNY 1.182 billion (approximately CNY 1.046 billion excluding tax) and a profit of CNY 30.46 million [3]. Financial Performance - Zhongfu Industrial reported a 63.25% increase in net profit for the first three quarters of 2025, driven by improved profitability in its electrolytic aluminum business [2][6]. - Despite the profit increase, the company's cash flow from operating activities significantly declined by 59.69% to CNY 314 million, raising concerns about cash flow management amid large capital expenditures [6][7]. Market Context - The aluminum alloy wheel market is characterized by high order concentration and intense price competition, posing risks to the new investment project [2][6]. - The project aligns with Zhongfu Industrial's strategy to enhance its competitive edge in the aluminum wheel sector by leveraging its existing industrial synergies [4]. Subsidiary Challenges - Guangyuan Linfeng Aluminum Materials has faced continuous losses, with a net loss of CNY 9.67 million reported for 2024 and further losses in 2025 [5]. - The reliance on self-raised funds for the CNY 259 million investment raises concerns about the subsidiary's financial sustainability and ability to manage its cash flow effectively [5][6].